Proceedings u/s 153A can be initiated only based on incriminating materials found during search of assessee’s premises

ACIT Vs Real Marketing Private Limited (ITAT Ahmedabad) ITAT Ahmedabad held that in the proceedings under section 153A of the Act, the assessment can only be made based on incriminating materials found/ collected during the search from the premises of the assessee. Addition unsustainable no material of incriminating nature was found from the premises of the assessee. Facts- The assessee is a private company and claimed to be engaged in the business of Investment, financing and renting of immovable property. There was a search action under section 132 of the Act dated 04-12-2014 carried out at ...